Yes, punching your way into range can be a good entering strategy in MMA. A couple things to keep in mind regarding Fedor and that strategy though is:
1) Fedor was very fast for a HW in his prime, had lots of power in his hands, and could take a good punch. "Slugging" your way into range might not be such a great strategy if those are not attributes you share.
2) Nog was largely staying still or backing straight up and attempting to cover up or dodge Fedor's punches, thus making it easy for Fedor to enter the clinch. If instead your opponent is angling off, or trying to "intercept" you on the way in (with either a strike or takedown attempt of their own), again a different strategy might be needed (or at least a slightly different application of the same strategy).
3) Fedor wanted to get close and into the clinch because he knew his Sambo (which is a heavily Judo influenced art) and superior strength would allow him to bully Nog (who, being a BJJ fighter was never great at takedowns, almost never "shot," and would generally be content in falling to his back into Guard). Fedor also had arguably the best Ground and Pound of any MMA fighter in history and great submission defense, so was able to dominate Nog once the fight hit the ground. If your opponent is more of a wrestler/Judo type who is very good in the clinch (think Randy Couture or Ronda Rousey), you may be ill advised to purposely take the fight into the clinch (ask Meisha Tate). Or, if they are very good from their guard and you are not great from there, you may want to stay away from things like "inside trips"/Ouchi Gari, Outside foot hooks/KoSoto Gari, or other "straight on" takedowns that are likely to wind up with you in your opponent's guard and might instead choose to try to get to Rear clinch or Side Clinch where you have a better chance of landing in side control or Top Turtle/Referee's position/Par Tere.
I would also study Royce Gracie's strategy of using push kicks to maintain distance/distract his opponent's so he could "jam" his way into grappling range, Randy Couture's entering skills, and John Jones' distance control skills and upperbody takedown skills once he gets in (for someone who pretty much has a reach advantage over almost everyone he fights and uses it masterfully).